Brazil delays 6GW hydro auction
Brazil has postponed an auction for concessions to operate hydroelectric plants totaling 6GW, local power regulator Aneel said on Tuesday.
No new date was given for the auction, which had been scheduled for November 6.
Aneel director José Jurhosa, said the decision came as congress continues to debate a bill outlining drought compensation for operators.
"The ministry saw a need to delay the auction," Jurhosa was quoted as saying by newspaper Estado de S.Paulo.
He added that the decision would provide greater legal certainty for investors and allow them time to structure financing deals with lenders.
The government originally planned to hold the auction on October 30 before shifting it by a week following changes to concession terms.
According to Aneel, the latest delay will not impact the government's hopes of signing contracts for the plants in December.
The government expects to net up to 17bn reais (US$4bn) from the auction via upfront signature fees.
Analysts say a drawcard for investors is a clause allowing concessionaires to sell 30% of energy generated from the plants on the free market from 2017.
The auction will offer five 30-year concession lots, each of which includes a combination of small- and large-scale hydroelectric plants.
In total, the lots comprise 29 facilities in the states of Goiás, Minas Gerais, Paraná, Santa Catarina and São Paulo. Among them are Três Marias (396MW), Jupía (1.55GW), Ilha Solteira (3.44GW) and Parigot de Souza (260MW).
The plants' previous concession holders – which included Cemig, Copel and Cesp – opted not to renew contracts because of new government terms that cut revenue.
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